Chinese investors ordered to sell millions of shares in Australian miner
The Australian government has ordered a group of Chinese investors to divest their shares in Northern Minerals, a rare earth miner. This decision, made by Treasurer Jim Chalmers, affects six companies and individuals who collectively hold about 17.5% of the company's stock. The move is part of the government's efforts to safeguard national interests regarding critical minerals.
- ▪Treasurer Jim Chalmers has ordered six Chinese and Hong Kong-based investors to sell their shares in Northern Minerals.
- ▪The investors have 14 days to divest their holdings in the company, which is developing a significant rare earths prospect in Western Australia.
- ▪The federal government is concerned about Chinese control over critical minerals essential for various technologies and military applications.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.